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Question
Evaluate any three steps taken by the Chinese leadership for the growth of Chinese economy.
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Solution
The following are the steps taken by Chinese leadership for the growth of the Chinese economy:
- Four Modernisations Steps by Zhou Enlai: The Chinese leadership took significant policy decisions in the 1970s. China ended its political and economic isolation by establishing relations with the United States in 1972. In 1973, Premier Zhou Enlai proposed the following ‘four modernisations’ - Agriculture, industry, science and technology and military.
- Open Door Policy: By 1978, China's then-leader Deng Xiaoping had declared the "open door" policy and economic reforms. The policy goal was to increase productivity through foreign capital and technology investments. After 1978, China took its path toward establishing a market economy.
- Reforms during the 1980s: The Chinese avoided'shock therapy,' instead gradually opening their economy. Privatization of agriculture began in 1982 and was followed by privatization of industry in 1998. Trade barriers were removed only in Special Economic Zones (SEZs) where foreign investors might set up businesses. In China, the state has played and continues to play an essential role in establishing a market economy. The new economic policies aided China's economy in breaking out of its slump.
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